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As consumer demand continued to weaken, the most powerful automakers have revealed their car sales for April 2018, and the results weren’t as good as expected. Auto sales have been on a bit of a roller coaster ride this year, with a weak performance in February followed by a jump in sales for some automakers in March.Ford Motor posted a 4.7-percent decline in sales, with retail sales to consumers down 2.6 percent. The No. 2 U.S. automaker said sales of its popular pickup trucks were up 0.9 percent, but SUV and passenger car sales were down 4.6 percent and 15 percent respectively.Nis...
As pressures mount on the industry despite rising vehicle sales, climbing technology costs, raw materials and global currency shifts ate into profits at the world’s carmakers. The US car market seems to recover, thanks to the sales increase in the first quarter.German groups Volkswagen and Daimler saw material and commodity costs deflate their earnings, while smaller operators Volvo and Mazda flagged rising technology and marketing spending for their profit drops. The outlay from launching new vehicles also took tolls on Fiat Chrysler, General Motors, Volvo and Daimler, with higher marke...
China and the U.S. might not be in th eir best relationship nowadays, but that doesn’t mean BMW will give up its sales goals. BMW will export its first full-electric SUV, called the iX3, to global markets after it goes into production in 2020 at its joint-venture plant in China. The iX3 project makes BMW the first major luxury-car maker to ship high-tech vehicles from China, in a sign consumers no longer equate the country with cheap products. It positions the Shenyang site to supply SUVs to the U.S., the second-biggest market for BMW, even with the question of higher Ame...
Ford decided not to go for the nine-speed transmission offered by General Motors. The company opted for 2 new eight-speed transmissions on vehicles such as the Ford Edge, Ford Transit Connect and Lincoln Nautilus. The first of those is based off the nine-speed, dropping one of the gears. The second eight-speed, for higher-performance vehicles such as the upcoming Edge ST and V-6 version of the Nautilus, adapts a six-speed that was co-developed with GM as part of a 2002 tie-up. A third eight-speed is expected for smaller, lower-torque vehicles. Ford Motor Co. agre...
The company which is about to set a record fine of $1 billion imposed by two U.S. regulators for its risk management business is none other than Wells Fargo & Co. Lask week the company got a proposal from U.S. Consumer Financial Protection Bureau (CFPB) and the Office of the Comptroller of the Currency (OCC), to resolve probes into auto insurance and mortgage lending abuses at the third-largest U.S. bank. Wells has acknowledged that it charged customers for excessive auto insurance, a burdensome expense that caused some to see their cars repossessed after defaulting on loans. Wells Fa...
